Alliance Bankshares Corp (ABVA) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Alliance Bankshares Corp

CIK: 1181001 Ticker: ABVA




   CONTACT:    William E. Doyle, Jr.

February 17, 2012

      (703) 814-7200

Alliance Bankshares Reports 2011 Results

CHANTILLY, VA – Alliance Bankshares Corporation (NASDAQ – ABVA) today reported a net loss of $483 thousand for 2011, which includes a loss of $739 thousand during the 4th quarter. Results during the quarter were unfavorably impacted by significant non-recurring merger expenses, OREO write-downs, and settlement of a legal action relating to the previous sale of a bank-owned residential property. Also, the continuing low level of long term interest rates resulted in an additional increase in the valuation of a $25 million FHLB Advance, which is accounted for under Fair Value Option (FVO) accounting. The quarterly results represent a loss of $.14 per share versus income of $.03 per share for the same period in 2010. For the full year ended December 31, 2011, the net loss is $.09 per share versus net income of $.14 per share for the full year ended December 31, 2010. Alliance’s regulatory capital ratios are strengthened since December 31, 2010, and remain above the levels necessary to be considered a “well capitalized” institution.

Core operating earnings (see Reconciliation of Non-GAAP Measures) on a pre-tax basis improved substantially year-over-year, up from $1.9 million in 2010 to $2.98 million for 2011. This calculation results from adjusting net income from continuing operations for non-recurring revenues and expenses, e.g., income from securities gains and expenses for merger-related activities and fair value adjustments.

At December 31, 2011, total assets amounted to $511.6 million, or a decline of $26.9 million when compared to the December 31, 2010 level of $538.5 million. As of December 31, 2011, total loans were $306.9 million, which is $25.4 million below the December 31, 2010 level of $332.3 million. The decline in the loan portfolio results from a combination of strategic repositioning of lending activities, normal amortization, and payoffs, the total of which offset new loan production during the period. Investment securities amounted to $123.5 million as of December 31, 2011, a decline of $12.4 million from the December 31, 2010 level of $135.9 million. Year-over-year, total deposits declined $26.6 million, to $380.4 million at December 31, 2011.

Non-performing assets (NPAs) at December 31, 2011 amounted to $17.97 million, an increase of $8.6 million when compared to $9.4 million at December 31, 2010. Year-over-year, the rise in NPAs is due to an $8.96 million increase in non-accrual loans, which offset a modest decline in OREO. At December 31, 2011, the allowance for loan losses stood at $5.4 million, or 1.76% of loans.

Continued efforts to manage expenses have resulted in a decline in noninterest expenses of $421,000 on a quarterly comparative basis, and $2.2 million year-over-year when comparing 2011 to 2010. The Bank’s net interest margin for 2011 was 3.48%, a decrease from 3.79% for 2010. The margin decline resulted largely from the change in mix within the investment portfolio and was also artificially depressed due to nonaccrual interest income reversals.

The following information was filed by Alliance Bankshares Corp (ABVA) on Thursday, February 23, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: ABVA
CIK: 1181001
Form Type: 10-K Annual Report
Accession Number: 0001193125-12-166523
Submitted to the SEC: Tue Apr 17 2012 5:29:03 PM EST
Accepted by the SEC: Tue Apr 17 2012
Period: Saturday, December 31, 2011
Industry: National Commercial Banks

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